HK to show CEPA opportunities to Canadians

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Last updated at: (Beijing Time) Friday, October 17, 2003

HK to show CEPA opportunities to Canadians

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The tremendous business opportunities available in Hong Kong for Canadian businesses under the newly-forged economic arrangement between the Chinese mainland and Hong Kong will be the focus of a major Hong Kong promotion to be launched next week in Montreal.

Organized by the Hong Kong Economic and Trade Office in Canada (HKETO) with the support of the Montreal city government, the promotion entitled "Hong Kong & Montreal -- A Developing Partnership" will take place from Oct. 20 to 29 at the Complexe Desjardins in Montreal to further develop the partnership between the two cities.

The forthcoming promotion will feature a luncheon on business opportunities for Canadian businesses under the Closer Economic Partnership Arrangement (CEPA) recently signed between the Chinese mainland and Hong Kong, and a large-scale photo exhibition on HongKong's infrastructure achievements and its ambitious plan to invest 120 billion Canadian dollars (90.36 billion US dollars) in some 1,600 infrastructure projects in the next 10 years.

Under CEPA, companies will be allowed to have greater access to the vast China market and 90 percent of Hong Kong's trade in goodswill enjoy zero import tariffs to the Chinese mainland with effectfrom January 1, 2004.

As for the trade in services, 18 business sectors in Hong Kong will benefit from CEPA. Broadly speaking, the liberalization of the China market permits earlier access to Hong Kong companies andservices providers to the Chinese mainland market, ahead of China's World Trade Organization timetable. Foreign companies partnering with Hong Kong will also gain such benefits.

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